Wednesday, March 14, 2012

CBO says ObamaCare will cost double original estimate (UPDATE)

To borrow a catchphrase from Gomer Pyle, "Surprise, surprise, surprise!"

Washington Examiner: President Obama's national health care law will cost $1.76 trillion over a decade, according to a new projection released today by the Congressional Budget Office, rather than the $940 billion forecast when it was signed into law.

Democrats employed many accounting tricks when they were pushing through the national health care legislation, the most egregious of which was to delay full implementation of the law until 2014, so it would appear cheaper under the CBO's standard ten-year budget window and, at least on paper, meet Obama's pledge that the legislation would cost "around $900 billion over 10 years." When the final CBO score came out before passage, critics noted that the true 10 year cost would be far higher than advertised once projections accounted for full implementation.

Would anyone like to make a wager that if given another couple of years (that is, when it's actually supposed to be implemented), the cost will go up triple or more?!

UPDATE: Looky there...more surprise news from the CBO, via The Hill:

As many as 20 million Americans could lose their employer-provided coverage because of President Obama's healthcare reform law, the nonpartisan Congressional Budget Office said in a new report Thursday.

The Left's ticket to single-payer...as intended.